An appraisal of property will be made before negotiations are started. The three methods generally used are:
- The market value or comparison method: How the property compares with similar
properties that have sold in the area
- Replacement or cost method: Value based on the cost to replace the improvements, less depreciation
- Income method: A valuation determination based on the income the property produces.
Frequently Asked Questions
What is the purpose of an appraisal?
To develop an opinion of the market value for the property being acquired.
Who will appraise my property?
An independent real estate appraiser licensed by the State of Texas. The Real Property Division will write you a letter explaining the need for your property and the letter will give you the name and telephone number of the independent appraiser assigned to appraise your property. Please call his/her office, since at this stage of the process your telephone information may not be available.
How long will the appraisal process take?
Approximately 4 to 6 weeks. During this time the appraiser will request a meeting with you to inspect the property.
What will be the appraiser's final product?
A written report with supporting data.
Will I be given a copy of the appraisal report?
Yes, when the Real Property Division Agent assigned to acquire your property presents the purchase offer to you.
Who should I call if I have questions in connection with the report?
Your Real Property Division Agent.